Romenesko Memos
The Washington-Baltimore Newspaper Guild wants Tribune to give Sun employees more than two weeks to consider the latest buyout offer because of the complexity of the plan. “This buyout is different than other recent ones,” says the union’s memo. “Instead of the continuation plan many of you have become familiar with, where eligible employees continue to receive a paycheck for a set period of time, the Sun is offering one of … three ways to be paid.” They are:
* Lump sum — Take your money as a lump sum payout, subject to applicable taxes.
* Rollover to an IRA or other qualified retirement plan — This would work just as if you left one employer for another and rolled your existing 401k money into another plan. It is our understanding that such a rollover plan would be tax-free.
* Various annuity plans.